AIRLINK 165.36 Decreased By ▼ -10.19 (-5.8%)
BOP 10.39 Decreased By ▼ -0.62 (-5.63%)
CNERGY 7.83 Decreased By ▼ -0.46 (-5.55%)
FCCL 45.65 Decreased By ▼ -1.58 (-3.35%)
FFL 15.12 Decreased By ▼ -0.90 (-5.62%)
FLYNG 26.48 Decreased By ▼ -0.83 (-3.04%)
HUBC 135.28 Decreased By ▼ -7.04 (-4.95%)
HUMNL 12.85 Decreased By ▼ -0.45 (-3.38%)
KEL 4.19 Decreased By ▼ -0.25 (-5.63%)
KOSM 5.47 Decreased By ▼ -0.43 (-7.29%)
MLCF 59.43 Decreased By ▼ -2.37 (-3.83%)
OGDC 213.07 Decreased By ▼ -13.70 (-6.04%)
PACE 5.41 Decreased By ▼ -0.36 (-6.24%)
PAEL 42.01 Decreased By ▼ -2.79 (-6.23%)
PIAHCLA 17.05 Decreased By ▼ -0.83 (-4.64%)
PIBTL 9.93 Decreased By ▼ -0.54 (-5.16%)
POWER 11.79 Decreased By ▼ -0.23 (-1.91%)
PPL 174.79 Decreased By ▼ -11.13 (-5.99%)
PRL 34.36 Decreased By ▼ -2.80 (-7.53%)
PTC 22.70 Decreased By ▼ -1.35 (-5.61%)
SEARL 93.75 Decreased By ▼ -6.54 (-6.52%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 36.11 Decreased By ▼ -2.40 (-6.23%)
SYM 13.48 Decreased By ▼ -1.27 (-8.61%)
TELE 7.12 Decreased By ▼ -0.61 (-7.89%)
TPLP 10.21 Decreased By ▼ -0.82 (-7.43%)
TRG 60.93 Decreased By ▼ -5.07 (-7.68%)
WAVESAPP 10.28 Decreased By ▼ -0.69 (-6.29%)
WTL 1.28 Decreased By ▼ -0.07 (-5.19%)
YOUW 3.70 Decreased By ▼ -0.08 (-2.12%)
BR100 12,314 Decreased By -512.5 (-4%)
BR30 36,508 Decreased By -2353.5 (-6.06%)
KSE100 114,909 Decreased By -3882.2 (-3.27%)
KSE30 35,541 Decreased By -1237.5 (-3.36%)

Pakistan Petroleum Limited (PPL) saw its profit-after-tax (PAT) drop nearly 24% to clock in at Rs22.69 billion for the quarter ended September 30, 2024.

In the same period last year, the exploration and production company saw PAT of Rs29.76 billion.

As per the E&P’s financial results provided to the Pakistan Stock Exchange (PSX) on Tuesday, the board of directors met on October 29 to review the company’s financial and operational performance and approved an interim cash dividend of Rs2 per share i.e. 20% on ordinary shares and Rs2 per share i.e. 20% on convertible preference shares, for the year ending 30th June 2025.

PPL’s earnings per share (EPS) were recorded at Rs8.34 in 1QFY25 as compared to EPS of Rs10.94 in the same period last year (SPLY).

The decline comes on the back of lower sales and higher operating costs incurred during the period.

PPL’s earnings jump 19%, clock in at Rs115.5bn in FY24

On a consolidated basis, PPL’s revenue from contracts with customers declined to Rs66.79 billion in 1QFY25 compared to Rs78.01 billion in SPLY, which is a decrease of more than 14%.

Resultantly, the company’s gross profit declined by 22%, clocking in at Rs40.93 billion in 1QFY25, compared to Rs52.79 billion in SPLY amid higher operating expenses during the period, which rose 19% year-on-year.

As a result, the company’s profit margin lowered to 61.2% in 1QFY25, as compared to 67.6% in same period previous year

The E&P saw an increase of 25% in its exploration expenses in 1QFY25, while the company’s administrative expenses rose by 35%.

The E&Ps paid Rs4.1 billion in other charges in 1QFY25, a decrease of 7% on a yearly basis. On the other hand, the company’s other income saw a significant increase of over 67%, clocking in at Rs6.49 billion in 1QFY25, compared to Rs3.88 billion in SPLY.

Consequently, PPL posted a profit before tax of Rs37.87 billion in 1QFY25, down from Rs47.72 billion in 1QFY24.

In 1QFY25, the E&P paid taxes to the tune of Rs15.2 billion, as compared to Rs17.9 billion in SPLY, a decline of over 15%.

PPL was incorporated in Pakistan in 1950 with the main objectives of conducting exploration, prospecting, development and production of oil and natural gas resources.

Comments

200 characters